Earnings Call: Q2 2012

Aug 21, 2012

Good afternoon, ladies and gentlemen and friends from the investment community. On behalf of Huaneng Power International, I would like to say a warm welcome to you all to the conference call regarding the interim results announcement of 2012 of the company. [Foreign language] Now, may I introduce to you members from the senior management of the company who join us today. They are: the Chief Accountant of the company, Ms. Zhou Hui. [Foreign language] Zhou Zong, ni hao. 您好，大家好。 The Vice President and Secretary to the Board of the company, Mr. Du Daming. [Foreign language] Du Zong, ni hao. 你好，大家好，欢迎参加华能的电话会议。 Mr. Du just said hello to everybody and welcome again to you all for joining us today for this conference. The Vice President of the company, Mr. Li Shuqing. [Foreign language] Li Zong, ni hao. 你好，大家好。 The General Managers for the Department of Budget, Engineering, Production, Marketing, Field Finance and Capital Market, as well as the office for Tuas Business also with us today in this meeting. [Foreign language] First of all, Mr. Du will review the business performance for the interim results of the company in the year 2012 with us, and followed by a Q&A session. [Foreign language] Now, may we have the honor to invite the Vice President and Secretary to the Board, Mr. Du Daming, to review the business performance of the company, and Mr. Zhou Biao from HPI will conduct consecutive English interpretation. Du Zong, qing. 好，谢谢Sharon。女士们、先生们，大家下午好。 Thanks, Sharon. Ladies and gentlemen, welcome to attend the conference call. 欢迎大家参加华能国际2012年中期业绩电话会议。作为新任的公司董事会秘书，我非常高兴有机会与大家沟通，也希望能够通过各种方式与大家深入交流。公司昨天晚上公布了中期业绩，今天希望通过电话会议，能与境内外投资者和分析师就公司2012年中期经营情况和今后业务发展进行交流。 As the newly appointed Secretary to the Board, I am very glad to communicate with you through different channels. Yesterday, the company released its interim results in 2012. Today, through the conference call, we are going to introduce the operations of our company for the first half of this year and the business outlook in future. 今年上半年，公司以提升经济效益为中心，积极应对经营环境的变化，取得了满意的经营业绩。 During the first half of this year, the company focused on improving economic efficiency, proactively responded to the changing business environment, and we are satisfied with the progress. 按照国际财务报告准则计算，公司的合并营业收入为人民币671.8亿元，比上年同期增长4.88%。归属于本公司股东的净利润为人民币21.22亿元，同比增长87.64%，每股盈利为人民币0.15元。 For the first half of 2012, under the IFRS, the company realized consolidated operating revenue of CNY 667.180 billion, increasing by 4.88% year-on-year. Net profit attributable to the shareholders of the company was CNY 2.122 billion, increasing by 87.64% year-on-year. The earnings per share was CNY 0.15. 按照中国会计准则计算，公司的合并营业收入为人民币671.8亿元，比上年同期增长4.88%，归属于本公司股东的净利润为人民币22.08亿元，同比增长87.36%，每股盈利为人民币0.16元。 Under the PRC Accounting Standards, the company realized consolidated operating revenue of CNY 67.180 billion, increasing by 4.88% year-on-year. Net profit attributable to the shareholders of the company was CNY 2.208 billion, increasing by 87.36% year-on-year. The earnings per share was CNY 0.16. 公司净利润的大幅增长，主要是由于去年电价调整的翘尾影响，和公司对成本的有效控制。 The big increase of the company's net profit for the first half of this year was mainly attributable to the carryover effect of the tariff adjustment last year and the company's effective cost controls. 另外，公司在电力生产、成本控制、节能环保及项目开发与建设等各个方面都取得了新的进展。 Also, the company made significant progress on power generation, cost control, energy conservation and environmental protection, project development and construction. 下半年公司将继续加强安全生产管理，确保发电机组安全稳定经济运行，强化电力市场营销，确保利用小时整体领先，加强各项成本费用的控制，努力降低燃料采购成本，优化债务结构，努力降低财务费用。 In the second half of this year, the company will enhance safe production management to ensure safe, consistent and economic operation of its generating units, strengthen power marketing efforts to ensure its leading position in terms of generating hours, enhance cost controls, strive to lower fuel costs, optimizing debt structure, and strive to reduce financial costs. 坚持以经济效益为中心，进一步优化工程项目管理，保持公司持续健康稳定发展，积极推进经济发达地区的沿海、沿江煤电大机组、煤电一体化项目、效益型风电及经济发达地区的燃气电厂的前期工作，为公司的可持续发展做好项目储备。 With a focus on economic efficiency, improve construction project management, and ensure sustainable, stable and sound development of the company. Promote and facilitate preparatory work of large coal-fired units in developed areas, coastal areas and areas along rivers, and also coal-electricity integrated projects, cost-efficient wind power projects and gas-fired power plants in the developed areas, so as to lay a sound ground for the sustainable development of the company. 下面的时间，我和我的同事愿意回答各位的提问。谢谢大家。 Well, in the following time, my colleagues and I will answer your questions. Thank you. 大家好，下面是问答环节，如需提问，请在话机上按星一键等号，先按星号键，再按一，谢谢。大家好，如需提问，请在话机上按星一键等号，先按星号键，再按一，谢谢。欢迎各位提问，也请各位在提问前告诉我们您所属的机构和姓名。有请第一条问题。Please state your name and your organization before you raise a question. May I invite the first question, please. 下面有请CICC的陈俊华提问。谢谢。谢谢。首先祝贺公司取得这么好的业绩。我是来自中金公司的陈俊华。那我有两个问题，第一个就是，上个年度总结内也介绍了我们取得了非常好的一个业绩。我想请问一下，我们来自于国内的这部分电厂的业绩和来自于新加坡这一部分我们子公司的业绩各占了多少？那么他们上半年利润同比增长的情况是怎么样的？第二个问题是关于电量，上半年我们由于整体的电力需求在减弱，我们的电量也出现了一个持平，略微有一点点的下滑。那我想问一下，公司现在对于全年的电量目标是怎样的？是否还是维持年初，我记得我们计划是在6%到8%，如果没有记错，这样一个同比增速的状况。那么公司在下半年如何在电量这方面会不会有一些的变动？谢谢。 Well, from CICC. First, congratulations. You have achieved a very good result for the first half of this year. I have two questions. The first is, Mr. Du has mentioned that for the first half, the company has achieved a good result. Could you please provide the details of the domestic business and the Singapore business, and also the year-on-year change for the domestic and Singapore business? The second question is about the power generation. We noticed that for the first half of this year, your power generation is just maintaining a flat, even a little bit lower than that of last year. Could you please provide your guidance of the whole year's target? We remember that you have mentioned earlier that your whole year's target of power generation growth rate amount about 6%-8% year on year. Could you please provide us your plan in terms of the power generation in the second half of this year? 第一个问题，请公司的总会计师周晖女士回答一下。这个下半年呢，公司实现的权益利润的总额是CNY 21.22亿，其中境内实现的是CNY 14.22亿，这个同比去年增加了CNY 9.8亿。新加坡上市实现利润是CNY 7.1亿，这个同比去年增加了CNY 0.03亿。 Well, the first question, our whole net profit for us was CNY 2.122 billion. Among this, about CNY 1.422 billion for the domestic business, increasing by CNY 988 million. For the Singapore business, net profit was CNY 710 million, increasing by CNY 30,000. 好，第二个问题关于全年电量的预期，请公司的营销部经理富强先生。好，我来回答你第二个问题。关于电量的目标的问题，因为上半年全国的用电增速仅为5.5%，与年初预计的9.5%相差比较大。所以根据目前电力市场的情况，今年来水偏多，电力市场形势，公司也在考虑全年的发电量目标调减的问题。从公司的业绩来看，我们也知道，上半年公司的电量同比也是略有负增长，负增长1.6%。那么按照预测的话，我们向前年电量目标大概调整到3,200亿左右，比年初3,400亿大概减少了200亿左右。 For the second question, we noticed that for the first half of this year, the national power generation growth rate increased only 5.5% year-on-year, largely lower than the expected 9.5% at the earlier of this year. On the current situation in terms of the demand and supply, we also noticed that the hydropower generation increased a lot. So the company is currently considering lowering the target of the whole year's power generation growth rate. For the whole year, our expected power generation will be 320 billion kWh. This is about 220 billion kWh lower than the expected level at the earlier of this year. 谢谢管理层. Thank the management. May I invite the next question, please? 下面一位提问者是来自ABCI证券的Mark Chen，你好。你好，管理层，我想问一个问题，就是能不能介绍一下你们今年上半年的发电量里面有多少是来自火电，多少是来自新能源发电？另外一个，你们全年的火电与新能源的发电的增长量或者是总量会大概是在多少？第二个问题，我想问一下，就是说你们今年上半年成本削减很大一个原因是来自煤炭价格的下降，那么你们对于下半年的煤炭价格的走势预期是怎么样子的？有没有一些措施去防止煤价反弹？谢谢。 I have two questions. The first is for the power generation. Could you please provide the details of the power generation for the first half in terms of the thermal power generation and also the power generation from the renewable energy? Also for the whole year's target of the power generation of thermal power generation and also the renewable energy power generation. The second question is, we notice that your cost for the first half of this year decreased mainly due to the price decrease of the coal market price. Could you please provide us your guidance of the coal price in the second half of the year? Also, do you have any measures to prevent the coal price increase? 好，第一个问题请富强先生。上半年发电量里面的结构大概是这样的，火电的发电量占99.4%，其中煤机占到96.8%，燃机占到2.6%，水电大概是占0.1%，风电占0.5%。 For the breakdown of the power generation for the first half of this year, 99.4% for the thermal power generation, 96.8% for the coal-fired power generation, 2.6% for the gas-fired, 0.1% for the hydropower generation, and 0.5% for the wind power. 从全年的电量结构来看的话，清洁能源的比例大概占到5%左右。 For the whole years, we see about 5% of power generation will be coming from the renewable energy. 好，第二个问题关于煤价的问题，请公司的副总经理李志欣先生。好，我来回答第二个问题。从我们上半年煤价的走势和我们最终肯定的结果来看，我们上半年的煤价基本上与去年基本持平。进入到五六月份以后，煤价开始下降。应该说从一到六月份的统计上来看，跟去年基本上持平。下半年我们估计从整个煤炭的产能以及国家的整个经济形势上来看，下半年我们估计应该是还维持在六月份的水平。所以全年来看，下降幅度不会特别大，大概在3%左右。这是一个。第二个，从下半年来看，我们一个还是进一步地巩固我们上半年的进口煤的供应量，来平衡国内的一些煤炭市场上的一些波动。所以说我们主要的措施是这个。第二个，从国内的煤炭市场和煤矿的产能释放上来看，下半年整个的煤炭的价格应该是不会有大的反弹，我们一般还是维持在六月份的那个水平。 Well, in terms of the coal price, we can say that for the first half of this year, our coal price is maintaining a flat level with that of last year. We see that the coal price, especially the domestic coal price, coming down since April and May. For the first half of this year, we achieved a flat level of the coal price compared to that of last year. In terms of the second half of this year, on the output of the coal and also the economic situation, we believe that the coal might maintain at the level similar to that of in June. The whole year target for us, the unit fuel cost may decrease about 3% year-on-year. In the second half of this year, we will maintain the import coal to balance the domestic coal price fluctuations. We believe that on the current output of the domestic coal market, it is very, very little possibility to achieve the coal price increase in the second half of this year. Maybe we believe that the whole year's coal price will maintain at the level in June. 我能不能补充问一个问题？想问一下管理层，你们现在从海外进口的进口煤到岸价的话，跟国内的同品质的煤差距现在大概是多少钱？ I have a following question. Could you please talk about the price gap between the domestic coal price and the import coal price? 上半年我们总共进口煤进了708万吨。1400。我更正一下，上半年总共的进口煤量是1445万吨。 In the first half of this year, we imported coal 14.45 million tons. 同比增加了678万吨。 increasing by 6.78 million tons. 差价呢，一般我们一到六月份差价在30元左右，跟市场煤。一到六月份的平均。 For the first half of this year, the price of the import coal generally CNY 30 lower than that of the domestic spot market price. 好的，谢谢管理层。谢谢您的提问，谢谢管理层的回答。May I invite the next question, please? 下面有请来自CICC的陈书伟进行提问。谢谢。你好。你好，管理层你们好。我想问一下，公司二季度的这个资金成本是多少？去年同期是大概什么样的水平？上半年央行降息了之后，对于下半年公司预计对于这个资金成本影响会回落到多少？谢谢。 I have a question. Could you please talk about your cash cost for the second quarter of this year? Also, based on the interest rate cut down by the People's Bank of China, could you please talk about the impact of the interest cut? 好，这个问题请公司总会计师周晖女士回答。截止今年6月底，我们公司平均的债务偿还的是5.81%，去年同期是5.16%。 By the end of Q1 of this year, our average financing cost was 5.81%, comparing to 5.16% of last year. 今年两次降息，对公司总体的影响大概是CNY1.6亿这么一个水平，其中影响短期利息支出是CNY1.5亿，影响资本化利息是CNY1,000万。 The interest rate cut of this year has impact on our financial fees about CNY 160 million. Among this, about CNY 150 million coming from the interest expenses, and also CNY 10 million coming from the interest capitalization. 好，谢谢管理层。 Thank you the management. May we have the next question, please? [Foreign language] 下面有请来自Citibank的Charles Wang进行提问，你好。喂，杜总及管理层你们好，我是花旗银行的王伟。我有四个小问题想请教一下管理层。第一个问题是，公司最新的煤炭库存大概是多少天？第二个问题是公司在年初的时候，对全年的资本开支的预期大概是200亿，不知道现在有没有调整？如果调整的话，新的资本开支的计划大概是多少？第三个问题是想问一下公司未来一年之内有没有发新股的计划。第四个问题是想问一下公司的秦岭电厂有两个小机组，大概它们什么时候会被关闭？谢谢。 Well, I have four questions. First is could you please provide us your latest coal inventory days? The second is, you mentioned that your CapEx for this year was about CNY 20 billion. Could you please provide us your recent adjust to the CapEx plan? A third question is, do you have any kind of plan to issue new shares within this year? Within one year? The fourth question is, when the Qinling power plants will shut down the small generation units? 好，我们关于库存问题，请李树青先生回答。我回答第一个问题，到7月24号为止，我们公司的整个库存是725万吨。电厂煤的平均库存天数23天。 For the coal inventory days, as of 24th July, we have inventory of coal about 7.25 million tons, about 23 days of the inventory. 其余三个问题我来回答。年内的资本开支目前没有变化。 For the CapEx, we do not have any kind of change. 第二个就是公司目前没有发新股的计划。 Also, we do not have plan to issue new shares. 第三个问题，就是秦岭电厂，它不是华能国际的机组，但目前这个电厂已经关闭。小机组已经关闭。 For Qinling power plants, this is not our power plant, but we can see that the small generation units have been shut down. 好，谢谢。 Thank you. [Foreign language] May we have the next question, please? 下面一位提问者是来自华泰证券的陈鹏。你好。管理层你好，我是华泰证券陈鹏。我有两个小问题。第一个问题就是，咱们公司一、二季度分季度的标煤单价情况，以及上半年的标煤单价情况。还有一个问题就是说咱们公司有多大比例的机组已经完成脱硝，脱硝的投资成本大概是多大，分三千万。谢谢。 We have two questions. First is could you please provide the details about the standard coal price for first quarter, second quarter and the first half of this year? The second question is, could you please provide us the denitrification percentage of your generation units? 第一个问题请周晖总会计师来回答。关于这个税标煤单价，我们一季度的价格是CNY 875.88，二季度是CNY 832.42，上半年平均是CNY 854.34，这是不含税的。 For the standard coal price, for the first quarter, it was CNY 875.88, the second quarter was CNY 832.42, and for the first half, the average level was CNY 854.34. 第二个问题，请公司生产部经理吴承生先生回答一下。我来回答第二个问题。公司现在脱硝机组的比例大约占了33%，脱硝的成本是每度电一分钱左右。 Currently we have 33% of our generating units have been equipped with the denitrification facilities. The cost for that was CNY 0.01 per kWh. Thank you. We have the next question. [Foreign language] 有请下面一位提问者是来自大和证券的戴维，你好。大和证券，你好，我是大和证券戴维。我有几个小问题，刚才的话，我们有给一个全年发电量的预测，我想知道，上半年我们可比口径的火电的利用小时是上半年下降，跟去年上半年比是下降多少？然后全年的话，如果以此类推的话，大概是下降多少？然后第二个问题就是我想知道新加坡的话，看我们七月份的运行形势的话，下半年能不能保持一个像上半年这样平稳的一个状态。然后还有一小问题，我们折旧这一块，我看我们也披露了，就是全年获益大概七个亿，然后上半年是book了五个亿，我想知道这个主要是为什么？谢谢。 I have three questions. Could you please provide us your utilization hours for the thermal power generation in the first half of this year and also the whole year's change in terms of the utilization hours? The second question is about the Singapore business. We noticed that in the first half of this year you have reached a very stable operation of the Tuas Power. Could you please provide us the second half guidance of the operation? The third question is about your depreciation. We heard that your whole year's depreciation reduction will be around CNY 700 million. Also we noticed that figure for the first half of this year was CNY 500 million. Could you please provide the detail of this? 好，第一个问题请傅铁梁先生回答。上半年公司的利用小时全口径是2528个小时，其中的煤机利用小时2612个小时。 For the first half of this year, our average utilization hours was 2,528 hours. For the coal-fired generating units, this hour was 2,612 hours. 那么全口径的利用小时同比是下降了225个小时，其中煤机是下降了207个小时。 The average utilization hours decreased 225 hours year-on-year. For the coal-fired power generation units, the hours decreased about 207 hours year-on-year. 那么全年我们也预测了一下，利用小时同比大概下降230小时左右，其中煤机的利用小时大概在210小时。 For the whole years, we make a forecast that the average utilization hours will decrease about 230 hours year-on-year, the coal-fired generating units, the hours will decrease about 210 hours year-on-year. 好，第二个关于大士的问题，请公司大士办陈曦先生回答一下。关于新加坡能源市场下半年运行的一个情况，大士能源在七月份发电是9.86亿千瓦时，在六月份的时候是10.26亿千瓦时。现在从市场整体的供需情况来看，我们觉得新加坡整个发电市场下半年应该还保持一个总体的稳定。 Well, for the Singapore business, we noticed that the power generation for 12 hours in June was 1.026 billion kWh, 986 million kWh for July. On the current situation in Singapore, we believe in the second half, the whole operation of Singapore will maintain in a stable level. 好，谢谢。第三个问题，请周晖女士回答一下。关于折旧的情况，我解释一下。今年公司对于固定资产的折旧进行了调整，主要是考虑到公司目前固定资产的实际状况和特点，同时也是为了跟同行业内折旧水平相比较。具体来说有这么几点。一个因为公司目前固定资产来源比较多样化，既有我们自建的电厂，同时也有这么多年以来购并进来的电厂。那么这些电厂原有的折旧政策并不统一。目前都在公司统一管理下，那么我们对这些固定资产的运行方式和保养的模式逐步取得了一致。所以这从客观的实物层面来说，也要求公司的固定资产折旧政策进行统一一致，这样才能更好地反映固定资产的使用的现状。 Well, for this year, we adjusted our depreciation policy to cope with our actual situation and also comparing to that of our peers. For our company, we have our fixed assets coming from different ways, including the assets coming from the self-construction, also coming from the acquisition. So the characteristic of these fixed assets is very, very different. Also, they have very different depreciation policies in terms of the fixed asset source. So in the uniform of the company's policy in terms of the depreciation, it is required us to unify this depreciation policy in order to reflect the actual situation of the company. 第二个也是出于在同行业内一个折旧水平的可比性的考虑。因为我们做了一下比较，我们原有的资产的折旧年限比其他的电力公司都要低。那么这次调整以后，我们基本上是在五大发电集团的上市公司当中，处于一个中等的水平。我们由原来的18年调整到目前的平均是20年。 The second reason for the adjustment of the policy is because we comparing our policy to our peers, that the original depreciation life for us is lower than that of the other peers. Among the biggest five generation companies, our depreciation life is in the middle level. We have adjusted the life from 18 years to 20 years. 那么第三点考虑也是出于满足会计准则的要求。因为按照会计准则，企业在每年年底的时候，都应该对现有的固定资产的使用寿命，包括预计的残值和折旧方法进行一下复核。那么公司通过去年年底和今年上半年的复核工作，相关的技术部门也出具了评估报告，所以我们对折旧率进行了统一的调整。原有的残值率我们规定是11%，目前调整到5%。 Also this adjustment just coming from the requirement of the accounting standards. Actually, according to the accounting standards, every year we have to review the fixed assets, their depreciation life and its residual value, and also the depreciation policy. We adjust the depreciation policy and also we adjust the residual value rate from 11% to 5%. 那么这样调整以后，总体的结果，半年是减少折旧是5个亿，全年预计是10个亿。 After this adjustment of the depreciation policy for the first half of this year, the depreciation base reduced about CNY 500 million and the whole year's forecast will be CNY 1 billion. 好，谢谢管理层。管理层还有什么要补充的吗？没有补充的了。谢谢。没有补充。OK,谢谢您。Thank you for the question. Thank you for the answer. Could we have the next question please? Thank you. 下面有请来自Sandford的Michael Park进行提问。你好。 Yeah, thank you. A couple of questions. Firstly, you referred to no change to CapEx in 2012, but given the weak power consumption growth year to date, is it causing you to think about CapEx in the outer years? Second question, can you give us the current difference between spot and contract pricing and whether as a result of the weakness in the spot market recently, you've seen higher fulfillment rates on contract pricing? And third, I guess I was a little surprised with the high tax rate in the second quarter. Can you break down how many of your power stations are still operating at losses? And whether you expect that to resolve itself in the second half? Thank you. 那么我有两个问题，第一个问题就是，刚才您提到公司目前没有改变资本开支的计划。那么实际上鉴于目前这种疲弱的经济条件下，公司如果不改变资本开支计划的话，公司有没有什么其他的考虑？另外第二个问题就是，可不可以介绍一下公司上半年的合同内的价格和市场内的价格。另外就是在未来的话对于明年合同煤和市场煤的价格有什么指引？我先回答你的第一个问题。目前公司的各项项目进展都是按照计划正在有序地进行。我们今年预计投产总容量673.6万千瓦。 Well, currently, the company orderly pushing forward our construction of the project. This year our newly added plan for the new project was 6,736 MW. 第二个问题，请李树青先生回答一下。我先回答第二个问题。上半年我们的重点合同的价格是586.44，市场煤的价格是640.77。上半年我们平均是626.39。这是第一个。第二个就是关于下半年的走势和明年。我们感觉自从5月份开始煤炭下行以后，到了6月份进一步下行。我们估计全年，经过对于国内的一个经济形势的研判和煤炭市场的煤矿一些产能的释放，我们相信下半年基本上能够维持在6月份这个水平。明年当然变动因素比较多，但是我们觉得明年煤炭市场应该说跟今年下半年不会有太大的变化。 Well, for our contract price for the first half of this year, it was CNY 586.44 per ton and the spot market price was CNY 640.77 per ton. The average for coal the first half of this year was CNY 636.39 per ton. And for the trend of the coal market, we believe that since the price coming down since the May of this year, and also the coal output situation and also the actual economic situation at the national level, we believe that the coal market next year will probably be the same compared to that in June this year. Okay. Does that answer your question? Thank you. [Foreign language]. I had a quick question about the tax rate, if you're able to shed some light on that. You have question on tax rates, did you say? Sorry? Pardon me? Could you repeat your last question, please? 主持人，你好，由于刚才那位先生他这边断线了，那稍后我们先接到下一个提问者好吗？好，接下一个。管理层，我们接到下一位提问者了。May we have the next question, please? 下面一位提问者是来自海通证券的张燕静。你好。喂？喂？喂，能听到。你好，各位管理层，我是来自海通证券的陶燕静。我想问一下公司，其实刚刚也说了，想问一下合同煤上半年的比例，还有各部分的价格，其实已经回答了。想问一下，之前说的煤都是标煤吗？还是多少？先问这个吧。是原煤价格。原煤价格。行，我暂时没有问题，谢谢。 Well, actually, for the price we give just right now, it is in terms of the natural coal, it is not standard coal. Okay。谢谢管理层，那我们接着下一个问题。Next question please。下面有请CIBC的Helen Wong进行提问。你好。管理层你好，很快的两个问题想问一下。第一个问题，能不能说一下公司今年全年的合同煤的比例？当时我们签合同，占了我们计划用煤的比例是多少？这是第一个问题。然后完了就想问一下，今年上半年合同的履行率，就是煤炭的履行率是怎么样的？然后还想再问一下，我们公司的资本开支计划是没有发生变化的，那么考虑到中国今年全年的电力需求非常疲弱的话，您观察到整个行业，其他的电力公司是不是有资本开支，就是新建基础投资减少的这个状况？谢谢。 I have three questions. First, could you please provide us what kind of percentage of your contract coal in terms of the whole years? The second one, could you please provide us the contract honor rate for the first half of this year? The third question is, you mentioned that your CapEx plan for the whole year will not be changed. Viewing on the weak power demand in the power market, could you please provide us whether the other peers have reduced their CapEx? 第一、第二个问题，请我同事李树青先生回答一下。我来回答你两个问题。第一个问题，我们上半年的重点合同占总量的比例是26%。上半年的兑现率是70.82%。回答完了。 Well, for the coal contract, it accounted about 26% for the first half of this year, and the contract honor rate was 70.82%. 您第三个问题，我来回答一下。我们注意到今年6月13号，召开了2012年全国电力迎峰度夏新闻发布会上，能源局表示，大概有1/3的建设项目进度滞后，新投产容量大幅下滑，可能会影响电力工业的长期稳定发展。在目前，能源局、发改委也表示要适度地进行一些超前的规划，要扭转目前的不利局面。 Well, we have noticed that the National Energy Bureau has released an announcement that on June 13, for the first four months of this year, the delayed project is about one third of the total project. They believe that this will have impact on the economic development. The National Energy Bureau and the NDRC jointly will push forward a plan to prevent this difficult situation to come true. 我可以再跟进问一下吗？可不可以说一下，你们签的这个合同，你们与签的这个重点合同煤，在你们全年的煤炭消耗量的比重大概是多少？刚刚好像没有提到这个数字。 Yeah, the signed contract accounted for 37% of the whole year's coal consumption. OK，谢谢，谢谢。然后我还想再问一下，关于国家的这个核电，不知道你们有没有听到，国家什么时候会重新启动核电厂的建设？谢谢。 I have following questions: Could you please talk about the nuclear power? When will the authority restart the nuclear project on construction? 公司没接到过这方面的通知。 Currently, the company has not received any kind of notice in terms of this. OK, thank you for the answers. [Foreign language] Can we have the next question, please? [Foreign language] 有请下面一位提问者，来自汇丰银行的Summer Huang。你好。各位领导你们好。我有两个问题，第一个问题就是关于电价调整，在今年上半年的电价跟去年同比调整大概增加了多少？然后第二个问题是关于单位燃料成本，就是说今年上半年单位燃料成本跟去年同期相比，大概的幅度是多少？各是多少？然后我还想问一下，刚刚管理层说的3%的煤炭的下降，今年去年我可以理解成单位燃料成本的下降吗？谢谢。 I have three questions. First is about the tariff. Could you please provide us the tariff change for the first half of this year compared to that of last year? The second is could you please provide our unit fuel cost the first half of this year, also the change year-on-year? The third question is, you have mentioned the 3% change year-on-year in terms of the coal cost. Does that mean the unit fuel cost will decrease about 3% year-on-year for the whole year? 请我同事孙辉女士回答一下。关于这个电价，今年上半年公司平均的境内结算电价为每千瓦时452块3毛1，跟去年同期相比提高了5.75%。 For the first half of the year, our domestic tariff settled at CNY 452.31 per megawatt hour, increasing by 5.75%. 单位燃料成本上半年是263块9毛1每千瓦时，同比去年上升了0.08%。 For the first half of the year, our unit fuel cost was 623.9, increasing 0.08%. 另外有刚才李总讲的这个全年下降30%，它是单位燃料成本。 Mr. Li said 3% decrease means the unit fuel cost decrease. 谢谢。感谢管理层的回答. Thank you for your answer. Can we have the next question please? 下一条问题. 下面有请来自法国巴黎银行的Phoebe Zhang进行提问，你好。管理层你们好。刚刚接着有投资者问到合同煤的比例，在上半年的话是26%。我想知道一下，除了这个26%进口煤的比例以及国内市场煤的比例，谢谢。 I have further questions. Could you please provide us your import coal percentage and also this whole market coal percentage? Since you have 26% coming from the contract coal. 好，请李树青先生回答一下。我们进口煤的比例，一到六月份是占了我们20.76%。 For the first half of the year, our import coal accounted for 20.76%. 市场煤是占了73.54%。含进口，对，含进口。 The spot market coal accounting for 73.54%. This figure including the import coal. 好，谢谢。 Thank you. Thank you for the answers. Can we have the next question, please? [Foreign language]. 下面我们有请来自国泰君安的吴亦超进行提问，你好。喂，你好。管理层，我有三个问题，第一个是想问一下今年上半年跟今年第二季度，境内的燃煤电厂的售电煤耗是多少？然后第二个是想问一下大士能源那边的一些情况，大士能源的自发电的收入是多少？然后第三个是想问一下它的平均售电单价是怎么样？好，谢谢。第三个问题是什么？单价。 I have three questions. First is, could you please provide us your coal consumption for the first half and also the second quarter? The second is, could you please provide us your revenue coming from the power generation of Tuas Power, and also the average coal consumption for Tuas Power. 好，第一个问题请朱晖女士回答。我们二季度的售电煤耗是311.08克每千瓦时，上半年平均是309.46克，同比去年下降了1.08%。 For coal consumption rate, the second quarter was 311.08 grams per kWh, and for the first half it was 309.46 grams per kWh, decreasing by 1.08%. 好，第二个问题请。 Could I have the next question, please? 我的第二个问题是大士能源那边自身的发电收入是多少？好。大士能源上半年总收入是106亿，其中零售电的收入是36亿，所以自发电的收入大概是70亿。然后它的平均售电单价，含税的售电单价是1252.71元每千瓦时。好的，谢谢。 For the first half of this year, Tuas Power's total revenue amount CNY 10.6 billion. Among this, about CNY 7 billion coming from the power generation and CNY 3.6 billion coming from the retail business. The average tariff amount is CNY 1,251.71 per megawatt hour. Thank you. [Foreign language] Could we have the next question, please? 下面一位提问者是来自安信证券的邵琳琳，你好。管理层你好，其实我问的这个问题刚刚大家也都问过，就是我想再了解一下咱们去年上半年跟去年全年的合同煤、市场煤跟进口煤的数量以及价格，想看一下跟今年上半年对比的这样的一个情况，谢谢。 Well, my question is, could you please provide us your coal contracts and its price in the first half of last year and the whole year of last year? 好，这个问题请李树青先生回答一下。去年原煤采购的合同价格是CNY554.64。今年一季度是CNY553.79。上半年。 Last year, our contract coal price average was CNY 554.64 per ton, and for the first half it was CNY 553.79 per ton. Thank you. [Foreign language] Could we have the next question please? 刚刚说的是原煤的，是说的是合同煤。下面一位提问者是来自BOCI的Patrick Yao，你好。管理层您好，我是中银国际姚胜，我有几个小问题。刚才有投资者问关于税率，我想问一下，因为上半年现在的有效税率好像是29%，我们对于全年的这个在什么样的水平？这是税率的问题。然后第二个问题是关于电厂，是不是二季度我们所有的电厂都已经实现有盈利了？这是第二个问题。或者说亏损面上半年是多少？然后最后一个小问题就是刚才也提到过，我们的融资的成本是5.31%。那么如果考虑到最近几个月发了一些短期的债券的比较低的成本以后，我们预计全年的融资成本大概是在多少？谢谢。 I have three questions. First is about the tax rate. We know that for the first half, your effective tax rate amount 29%, could you please give us the guidance of the whole year? Second is, does your company have all power plants achieving the profit in the second quarter? If that was not the case, could you please talk about the power plants making a loss in the first half of this year? The third question is, you mentioned that your financing cost for first half was 5.31%, since you have issued a lot of short-term debentures and also some bonds, could you please talk about the full year's target of the financing cost? 好，您的问题请周晖女士回答一下。关于这个税率的问题，因为有亏损电厂的存在，所以你按照报表算出来的税率和我们法定的税率肯定是不一致的。那么从法定的税率来说，目前这个税率是25%。那么之所以你得出29%的结论，是因为你是按照报表的合并的利润数和我们所交纳的所得税的费用来计算出来的。那因为在交纳所得税的过程当中，公司全资电厂是合并纳税的，控股的电厂是就地纳税。所以它不是按照报表合并的利润数去交纳所得税。 For the tax rate, because of the different calculations, actually the requiring tax rate is 25% for our company's power plants. Your 29% is coming from your calculations with the actual profit and with the tax rate changes. For our wholly owned power plant and the power plant with controlling interest, we have different policy in terms of the tax paying policy. This is difference between the requiring tax rate with the actual tax rate. 关于这个融资成本的问题，刚才我讲了，我们目前的平均的融资成本是5.81%，不是5.61%。近期我们确实每个月都在发债，都是一些短融、超短融、私募，目的也是降低融资成本，因为这些直接融资的利率相对来说比贷款的利率要低。按照目前我们的计划，年底应该降到5.6%这么一个水平。 I made the corrections about the financing cost. The first half of the year, our average cost was 5.81%. Since we also have issued a lot of short-term debentures and some kind of private placement and other facilities in order to reduce our average cost. Because of this kind of facilities, interest rate is lower than that of the bank loans. Being on this, our whole year's target of financing cost was 5.6%. 这个火电厂的亏损面从公司目前的情况来说，一来是有亏损电厂存在，这个亏损面大概24%。 Currently, 24% of our power plants making a loss. 好的，谢谢。 Thank you. Thank you for your answer. Can we have the next question? 下一条问题，可能是前面有一个不慎掉线的一位分析员，可能又回来追一个问题。Please, Stephanie。下面有请来自安信证券的邵琳琳提问，她刚才没有提问完的问题。谢谢。你好，管理层。刚刚问问题的时候，好像只告诉我了一个合同煤的那个原煤采购的价格，好像没有告诉我说去年咱们的进口煤跟市场煤的这样一个比例的情况。 Also, could you please provide us your import coal and spot market coal percentage in last year? 我刚刚没说完掉线。哦。我刚刚说了一个是原煤的采购的合同价，还有一个是原煤的采购市场价，是666.42。上半年是656.22。全年采购的数量是1.44亿，上半年是7,011万吨。 Well, I just read that because you are off the phone. For the whole year of last year, our coal market purchase price is CNY 656.42 a ton. For the first half of last year, it was CNY 652.22 a ton. For the coal amount purchased for the whole year of last year, it was 144 million tons. For the first half of last year, it was 70.11 million tons. 进口煤占了全年的总量的比例是11%。 For the import coal, the amount is 11% of the whole purchased coal. 好的，感谢管理层。请问下一条问题。Could we have the next question please? 下面一位提问者是来自美林证券的王小斌，你好。哎，管理层你好，我是美林证券王小斌。其实我很多问题前几个分析已经问过了。我想追问一个，一个就是您预测全年2012年标煤单价的原材料成本下降3%，这是基于下半年您对市场煤和合同煤怎么样一个看法？还有就是想问一下，上半年平均来看，您的一个平均的一个煤炭库存量大概是多少天？因为刚才您说过，截止到七月份的话，差不多是23天，然后上半年是比这23天更多，还是跟这23天差不多？另外一个问题是我留心到好像公司联营收入这块出现一个同比的下降，然后想问一下这个下降的原因大概是什么？好，谢谢管理层。 I have three questions. First is, you mentioned that your unit fuel cost will decrease 3% the whole year year-on-year. Is this forecast based on the market and the contract price? Could you please provide the detail about your forecast of the spot market price and the contract coal price in the second half of this year? The second question is, we noticed that you have said that by the end of July, your average inventory of 23 days. Could you please talk about your average inventory days for the first half of this year? Is it more or less than the 23 days? Third question is, could you please talk about why your revenue coming from the associates decreased year-on-year? 好，前两个问题请李树青先生回答一下。应该说上半年每个月，这个电厂的库存基本维持在这么一个水平，22至23天。 For the inventory days for the first half of this year, averagely, it was 23 days. 我们现在预测下半年的整个煤价的走势，从我们目前从市场了解的情况来看，和目前的整个的国外的一些进口煤的供应来看，我们预测是3%，下降3%。 Well, the 3% decrease of unit fuel cost was mainly based on the forecast in terms of the domestic coal market and also the international coal market. 感谢管理层，那我们有请下一条问题。Thank you management. 再一个。请您补充，不好意思。对不起。第三个问题，我来回答。联营公司收益减少的原因，是因为我们参股的几家公司利润下降，比如说时代航运，由于航运市场不景气，盈利下降。再比如说我们参股的四川水电，今年的盈利状况比去年同比也有所下降。所以这些公司加起来以后，总的结果就影响了，跟去年同期相比有一定程度的下降。 Well, the profit coming from the associates, it decreased just because of the profit from the company which we have minority interests decreased. For example, the Shidai Shipping company, we have profit decreased because of the very weak demand in this industry. The Sichuan Hydropower, the profit of this company also decreased. 再补充一点，我们参股的一些煤矿，今年上半年它的盈利水平由于煤价的下降，那自然就比去年要低。 And also the gains coming from the coal mines, which we have mining interest in these companies, they have decreased. 不好意思管理层，我还有几个追加的问题。想问一下，今年上半年的话，公司从市场煤、合同煤，还有进口煤大概采购的一个比例情况怎么样？还有公司怎么看，到今年年底因为要做明年的一个合同煤的谈判，公司怎么看明年合同煤煤价会怎么样？因为应该现在公司市场煤和合同煤煤价应该比较接近了，会不会这样就导致明年合同煤价格下调，或者是持平或者怎样的，想看一下公司管理层的看法。谢谢。 Well, I have following questions. Could you please provide us the spot market percentage and also the contract coal percentage in the first half of this year. Also, we know that by the end of this year or the earlier stage of next year, they will restart the negotiation of the coal contract. So could you please provide the guidance of the contract price in the next year? Will these two price converge into one or any other explanations? 我来回答你两个问题，上半年重点合同的比例，我刚才前面已经说过了，是占整个总量的26%。市场这一块，包括进口煤，占73.54%，这个是整个的上半年的煤炭构成比例。关于明年的重点合同谈判的问题，因为现在还没有启动。现在我们跟前段时间对于下半年的整个形势的一些变化情况，跟煤矿企业做了沟通。关于明年对于明年的整个煤炭怎么走，还有一个国家对于煤炭的干预措施到底是什么情况，现在还无法来进行研判。所以说我们现在还没有启动明年的重点合同的谈判工作。我回答完了。 For the first half this year, we have 26% coal from the contract and 74% from the spot market, including the import coal. For next year's coal negotiation conference, currently, we do not initiate this conference and the negotiation. Also, currently there is no policy coming from the authorities, whether they will have any kind of limitations in terms of the coal price. So currently, we have no idea about the negotiation. 谢谢管理层。 Thank you. [Foreign language] Can we have the next question, please? 下面一位提问者是来自广发证券的王岳飞，你好。你好，能听到吗？能听到。你好，管理层大家好。我想了解两个问题，一个还是煤价的问题，一个是电价的问题。第一个问题的话，就是刚才管理层也谈到，煤价这块的话，下半年判断基本上跟六七月份这个煤价是持平的。那我想了解一下，六七月份煤价现在公司是一个什么样的水平？然后在这个煤价的情况下，公司的毛利是一个什么样的水平？这是第一个问题。第二个问题的话，我想了解一下，市场有声音，电力行业的盈利下半年会非常好，明年的话有可能会下调电价。那这样的话，管理层对明年下调电价是一个什么样的预期？谢谢。 I have two questions. First is about the coal price. You have mentioned that in the second half, maybe the spot coal price will be in the same level with that in June and July. Could you please provide the details of this price level in June and July? Also under this kind of coal price level, what is your margin? The second question is about the tariff. Could you please talk about whether the government will cut the tariff, since in the second half, the power producers will make a great profit. 我来回答你的问题。五月份的原煤价格是CNY 621.11，六月份的价格是CNY 604.88。因为七月份，现在我还不能说。回答完毕了。 For the coal price, in May it was CNY 621.11 per ton, and CNY 604.88 per ton for June. Currently, we don't have the figure for July. 关于你问的毛利的问题，目前我们平均的销售利润率14%的水平，单位边际贡献CNY 0.10。 Currently, margin for our company is 14%, and the marginal contribution now is CNY 0.12. 周总，您这个讲的是六月的毛利14%吗？上半年。 This is for the first half of this year. 我想了解一下，六月份的话，604这个价格是含税的还是不含税的？这个就对应六月份单月的毛利是一个什么样的水平？ Could you please provide what is the margin level based on the CNY 604.88 per ton of the coal price in June? 如果按照六月份的价格来算的话，边际贡献应该说比全年的平均要高，大概在1毛2分8这个水平，销售利润率在15%这个水平。 Based on this price, the margin for us will be around 15% with higher marginal contribution of CNY 0.128. 好，我来回答你第二个问题，关于电价，听说明年下调。到目前为止，公司没得到国家层面有关任何要下调电价的消息。 Currently, for the tariff cut, currently we do not have any kind of notice in the file in terms of the tariff cut. 为什么呢？首先因为火电的上网电价历次调整都没有完全弥补煤价上涨的影响。大概到去年底，尽管去年12月调了电价，还有7分多钱的缺口。第二个就是从2004年以来，我们煤价的涨幅大概涨了150%左右。那么发电企业的电价我们也知道一直都没有调整到位，其中还有30%是由发电企业来消化的。就这样的话，发电企业前面几年一直都是亏损，负债率也是很高的，都在80%以上。2010年底，五大发电集团资产负债率超过85%，比全国的工业企业的平均的负债率水平高了27%。 Well, actually, the tariff hike for the past few years does not fully cover the coal pricing trades. According to the coal pricing electricity tariff linkage mechanism, 70% of the cost increase should be covered by the tariff hike. But currently, we see that it is not enough to cover the cost increase. We say that in terms of the last year's tariff hike, there is still a 7-cent gap based on the cost increase of the coal price. Since 2004, the coal price has increased about 150%, and this makes the power plants making a loss for the past few years, and also the very high gearing ratios. We see that currently, maybe this is not so possible to cut the tariff, because it does not fully cover the cost increase. 第三，就是受煤炭供应结构的影响，我们一些部分地区的煤炭价格同比不但没有下降，可能还略有上升。所以我们在华东地区、西北或者西南地区的一些发电企业，到目前为止经营还仍然十分困难。 In terms of the different locations for our power plants, in these locations, the coal price not only decreased but these increased compared to that of last year. For example, the power plants in the eastern part and the northwestern part and the southern western part of China, the power plants in these locations are making a loss for the first half this year. 好的，管理层没有补充的话，感谢您。那我们邀请下一条问题。Next question, please。下面一位提问者是来自瑞士信贷的Jay Zhang，你好。你好，管理层，我是瑞士信贷的Joy，我有四个小问题。你好，听得到吗？听得到。我有四个小问题。刚才管理层说的3200亿发电量的目标，大概多少比例是从已建成的电厂，然后有多少比例是从新建的电厂呢？然后第二个问题就是在燃料成本、折旧、维修、人工和其他费用，中国和新加坡各是多少？然后第三个问题就是上半年总的煤耗量是多少？然后第四个小问题，想问一下公司上半年最赚钱的几个电厂大概赚了多少？ Well, I have four questions. First, you've mentioned that your whole year's power generation targets will be 320 billion kWh. Does this mean this power generation will be coming from the existing power plants or including the expected newly added power plants? The second question is, could you please provide the breakdown of the fuel cost, the depreciation fees, and the labor cost for domestic business and the Singapore business? The third question is, could you please provide us the coal consumption amount in the first half of this year? The fourth question is, please talk about your power plants, which made most of the profit in the first half of this year. 关于电量的问题，请傅铁梁先生回答一下。电量不是320亿，我们是前年大概3200亿。 I have a correction that the full year target of power generation was not 32 billion, but 320 billion. 至于新机跟老机的电量比例，上半年大概是新投机组的电量占全部发电量4.3%左右。 I give you the figures. For the first half of this year, the power generation coming from the newly added generating units accounted for 4.3%. 全年的比例可能会略高一些，因为下半年我们还有一些机组要投产，但具体的多少电量，我们现在还没测算。 For the whole year, this percentage coming from the newly added generation will be higher, because we have capacity will be added in the second half of this year. 后边三个问题，请周总回答一下。关于你刚才说的这个总的耗煤量，上半年是耗用千万煤6,760万吨。 For the first half of the year, we totally consumed 67.6 million tons. 关于这个成本的分项呢，其中燃料总的是CNY 432.7亿。 For the fuel cost, our total fuel cost for the first half this year was CNY 43.272 billion. 这里面其中新加坡占了CNY 51.3亿。 Among this, CNY 5.131 billion coming from Singapore. 总计CNY 56.13亿。 For the depreciation fees, the total was CNY 5.613 billion. 新加坡CNY 2.67亿。 Among this, CNY 257 million coming from Singapore. 这个职工薪酬，这个是CNY 21.92亿。 For the labor cost, it was CNY 2.192 billion. 新加坡CNY 0.86亿。 For Singapore, it was CNY 86 million. 关于这个最赚钱的几个电厂，第一个就是这个大士能源，第二个玉环，第三个德州，第四个海门，第五个是北京热电，这个税前利润都在4个亿以上。 For our most profitable power plants, orderly towards power. We have one power plant, Dezhou Power Plant, Haimen Power Plant and Beijing cogeneration. Each of these power plants making a profit more than CNY 400 million. 好，谢谢管理层。感谢管理层，那提醒一下，由于时间关系，我们下面只能接进最后一位分析师的问题了。Thank you. In the interest of time, we're going to take the last question, please. 有请最后一位提问者是来自天弘基金的黄洋。你好。你好。管理层，我想问一下，就是截止到6月30号，公司有煤炭承诺的那个是330亿，然后去年是160亿。我想问一下，这个是公司基于什么样一个考虑？第二个问题就是说，公司的市场煤采购的一个模式是按月来签订合同还是按季度来？第一个问题您再重复一下好吗？第一个问题就是，我想问一下，截止到6月30号，公司的燃煤采购合同承诺约为333亿，然后去年12月31号报告期是161亿。然后我想问一下今年的采购合同承诺这一块增长比较多，我想问一下这块公司是基于什么样一个考虑？然后第二个问题就是公司的市场煤的采购模式是按月还是按季度来进行签订整个采购的合同。 I have two questions. First is we notice that by the end of June this year, your capital commitment in terms of the coal purchase was CNY 33 billion. But at the end of last year, this capital commitment was CNY 16.1 billion. Could you please talk about the difference and also your consideration in terms of this? The second question is, could you please talk about your spot market coal purchase settlement approach. Is it settled month to month or is it settled quarterly? 好，你的问题请李总工程师回答一下。我们的市场煤的采购的方式是按照月度做计划，然后按照计划按月度进行采购。 Our spot coal purchase method is based on the month level. 黄先生，您第一个问题我们没太听明白。第一个问题就是我看了公司的半年报，披露了一个就是截止到6月30号，公司主要的燃煤采购合同承诺约为333亿元，然后去年12月31号报告期是160亿元。然后我想问一下，今年半年报披露的燃煤采购的合同承诺增长比较多，这个是公司基于什么样的燃煤采购的一个策略？ My question is, we have noticed that there is a difference between the first half of this year and the last year in terms of the coal purchase capital commitment. 有吗？有吗？有。就这么说。就是我们截止到6月30号的主要的燃煤的采购合同，除去已经执行完的这333亿，是下半年没执行，在下半年执行的。 And by the end of June, you notice the CNY 33.3 billion. This was the plan for the second half of this year. 执行的。那就说明今年签的合同量比去年签的要大。 That means we signed more than the last year. 去年签的合同剩下的333亿。好的，谢谢管理层。 [Foreign language] Thank you so much for all the questions and your participation today. [Foreign language] Finally, would Mr. Du Daming like to give us a summary of the issues discussed in this conference call. [Foreign language] 好，感谢大家参加华能国际中期业绩电话会议，也感谢各位对华能国际的持续的关注与支持。公司管理层将一如既往地坚持股东利益最大化，努力实现公司的持续健康稳定的发展。再次谢谢大家。 Thanks to attendance conference call and your continuous support to the company. The management will always try to achieve sustainable, stable and sound development of the company and also will realize our belief of current tomorrow. Thank you. 好，谢谢。 Thank you. We are looking forward to meeting all of you again in our next results announcement of the company. Thank you very much.